Future of FinTech conference London
At the Telegraph Future of FinTech conference in London on 28 September several regulatory-related themes emerged:
- There will soon be more money outside the regulated environment rather than inside, the tipping point is approaching
- Currencies are no longer the sole domain of sovereign countries and regulated central banks
- Some regulators are competing to attract the industry to their jurisdiction and are generally agnostic about the technology used to deliver the financial service
- Open Banking in the UK from 13 January 2018 will usher in a new era of transparency across a UK customer’s whole financial life
- Brexit is not a major focus for the UK FinTech industry or its regulators, the biggest challenge is acquiring talent
- Using vehicles such as IOSCO to promote regulator cooperation and cross-border regulation for FinTech; genuine common standards are a goal
- Financial regulators in many countries are struggling to keep up with the industry due to high workload on other issues and limited resources
- Talent is flowing between the industry and regulators
- Artificial intelligence, blockchain, PropTech and ICOs were identified as the “hot” areas